Fearless Investor Embraces Great Adventure

As the saying goes, no guts no glory. And at 60 times forward earnings this trade requires guts.

Nonetheless, Oppenheimer chief investment strategist John Stoltzfus is bullish on Six Flags, the owner of Great Adventure and other theme parks around the nation.

In a live interview on CNBC's Fast Money Halftime Report, Stotzfus tells us he isn't bothered by the lofty P/E.

What matters more, he says, is that in a tough economy parents look for small indulgences they can share with their kids. And visiting a theme park fills the bill very nicely. “Instead of taking a vacation (which they might not be able to afford) families spend the day at one of their parks.”

The trend is so pronounced that Stoltzfus doesn't think the Street realizes just how strong park attendance will be. Therefore, he's anticipating stronger than expected earnings - which in turn will drive buyers into the stock. “Despite the P/E I think it has another 10% upside.”

And to make the stock all the more appealing, “the dividend yield is close to 4.5%,” he says.

"Fascinating thesis," muses Fast Money trader Guy Adami, Managing Director of stockMONSTER.com. "I have a hard time getting my arms around it but the stock has performed extremely well."

Trading on Bernanke's Testimony

John Stoltzfus, Oppenheimer chief investment strategist, weighs in with his top S&P sector plays and where he sees investment opportunity.

Posted by CNBC's Lee Brodie

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Trader disclosure: On July 17, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Jon Najarian is long AKAM CALLS; Jon Najarian is long AAPL CALLS; Jon Najarian is long INTC CALLS; Jon Najarian is long SLV CALLS; Jon Najarian is long ARNA CALLS; Jon Najarian is long VVUS CALLS; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long CIGX; Jon Najarian is long GLUU; Brian Kelly is funds long SPY; Brian Kelly is funds long IWM; Brian Kelly is funds long TLT; Brian Kelly is funds long GLD; Brian Kelly is funds long SLV; Brian Kelly is funds long IBM; Brian Kelly is funds long XHB; Brian Kelly is funds long T; Brian Kelly is funds long VZ; Brian Kelly is funds long EURO; Brian Kelly is funds long MON

For Deborah WeinswigCitigroup Global Markets Inc. acted as a joint bookrunner in the announced notes offering for TGTAn employee of Citigroup Global Markets or its affiliates is a trustee of TGTCitigroup Global Markets Inc. is acting as a joint bookrunning manager on the announced senior notes offering of DGCitigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of JCPCitigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of KSSCitigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of DGThe Firm is a market maker in the publicly traded equity securities of COSTThe Firm is a market maker in the publicly traded equity securities of MThe Firm is a market maker in the publicly traded equity securities of CVS

For John StoltzfusOppenheimer & Co. Inc. makes a market in the securities of CAOppenheimer & Co. Inc. makes a market in the securities of CVX